Press release
eVTOL Aircraft Market Takes Flight Soaring to USD 4.46 Billion by 2030 with a 30.30% CAGR
eVTOL Aircraft Market OvervieweVTOL Aircraft Market Size was valued at USD 0.7 billion in 2022. The eVTOL Aircraft market industry is projected to grow from USD 0.9 Billion in 2023 to USD 4.46 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 30.30% during the forecast period (2023 - 2030).
The global eVTOL aircraft market is likely to register a massive growth rate. Substantial investments in developing advanced lift and propulsion technologies would drive the eVTOL aircraft market growth.
Governments are increasingly supporting R&D activities to develop, improve, and test eVTOL aircraft so as to include them in the national airspace to serve as electric air taxis for urban air mobility. They also emphasize their potential use as air taxis and drones in emergency response, wildfire management, and medical supply delivery.
Manufacturers are focusing on using the electric propulsion system (EPS) to expand the capacity of eVTOL aircraft. Many are concentrating on building the fuselage for Lilium Jet prototypes and boosting investments to crewed test flights and explore & evaluate the potential military use of eVTOL aircraft.
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Market Segments
The report is segmented into types, battery types, lift technologies, propulsions, modes of operation, and regions. The type segment is sub-segmented into air taxis, delivery drones, and others. The battery type segment is sub-segmented into lithium-ion batteries, solid-state batteries and hydrogen fuel cells. The lift technology segment is sub-segmented into multi-rotor, vectored thrusts, lift plus cruises, and others.
The propulsion segment is sub-segmented into fully electric, hybrid, and electric hydrogen. The mode of operation segment is sub-segmented into piloted and optionally piloted. By region, the eVTOL aircraft market is segmented into the Americas, Europe, Asia-Pacific, and the rest of the world.
Market Regional Analysis
North America dominates the global eVTOL aircraft market, spending more on aviation-related research and development activities. Besides, the presence of well-developed aircraft manufacturing boosts the eVTOL aircraft market revenues. Also, favorable government policies and technological advancements foster the region's eVTOL aircraft market share.
Market Competitive Analysis
Highly competitive, the eVTOL aircraft market appears fragmented, with the presence of several well-established players. Innovations, collaborations, and mergers & acquisitions remain key trends for leading eVTOL aircraft companies to gain a larger competitive share.
Industry players focus on developing their product portfolio with the help of advanced technologies. Players invest to drive R&D and acquire promising companies to support their expansion plans. Increasing government funding and support motivate key companies to manufacture new aircraft that can match the changing trends.
Major Players
Leading eVTOL aircraft market players include Volocopter GmbH (Germany), EHANG (China), Uber Technologies Inc. (US), A³ by Airbus (US), Aurora Flight Sciences (US), Bell Textron Inc. (US), Lilium GmbH (Germany), Workhorse (US), TERRAFUGIA (US), Karem Aircraft Inc. (US), OXIS Energy Ltd. (UK), MGM COMPRO (Czech Republic), EmbraerX (Brazil), Kitty Hawk (US), LIFT Aircraft Inc. (US), and Opener (Canada), among others.
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Industry/ Innovation/ Related News:
Sep. 27, 2023 - Horizon Aircraft (Canada) announced plans to improve its 7-Seat Hybrid eVTOL. The company is improving the design of its prototype hybrid eVTOL aircraft, targeting the future production of a seven-seat capacity model.
The Canadian manufacturer initially concentrated on a five-seat prototype before pivoting to a larger model. With positive flight-testing results of its 50%-scale prototype, sophisticated aerodynamic, structural, and electrical analysis, Horizon is poised to expand its initial prototype to include room for one pilot and six passengers.
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